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Rubio: US and Iran to continue technical consultations at the end of this month
Multiple foreign media outlets reported on the 24th that US Secretary of State Rubio said technical teams from the United States and Iran will hold further talks in Switzerland by the end of June. (Xinhua News Agency)
4 hours ago
Over the past 24 hours, total crypto market liquidations hit $606 million, with more than 130,000 traders liquidated.
According to Coinglass data, the global cryptocurrency market recorded $606 million in liquidations over the past 24 hours, including $542 million in long-position liquidations and $68.22 million in short-position liquidations. A total of 135,785 traders worldwide were liquidated in the same period, with the largest single liquidation order occurring on Binance’s BTCUSDT trading pair, valued at $12.0111 million.
4 hours ago
Bitcoin falls below $60,000
According to HTX market data, Bitcoin has fallen below $60,000, with a 4.3% drop in the past 24 hours.
4 hours ago
US Treasury Secretary: AI boom may boost productivity and help curb inflation.
US Treasury Secretary Bessent told CNBC in an interview that he hopes the Federal Reserve will remain "open-minded" about the inflation pattern after the reversal of Iran-related energy price hikes. Bessent noted that the U.S. could enter an economic environment marked by high GDP growth without a corresponding rise in traditional inflation. He cited that in the 1990s, Alan Greenspan foresaw that office modernization and the internet could drive non-inflationary growth, and allowed the economy to keep expanding. Bessent believes the U.S. has a strong chance of seeing a similar scenario again. When asked whether the Fed still needs to worry about potential inflation and whether interest rate cuts are possible this year or next, Bessent declined to comment. However, he argued that it is necessary to stay open-minded about the price or inflation impacts from the Iran conflict, and monitor inflation performance after those effects subside. Bessent also said an open mind is needed, as the AI boom could boost productivity and deliver disinflationary effects, helping inflation return to the Fed’s target level. He added that he believes Kevin Warsh will choose the optimal path that meets both the Fed’s inflation and growth mandates. Bessent also noted that Warsh previously took a hawkish stance on inflation.
4 hours ago
US stocks' intraday storage sector sees broad declines, with Western Digital and Seagate Technology both falling over 4%.
According to Bitget data, during U.S. stock trading hours, the storage sector saw broad declines: Western Digital (WDC) fell 4.47%, Seagate Technology (STX) dropped 4.17%, SanDisk (SNDK) declined 2.31%, and Micron Technology (MU) edged down 0.96%. Most optical communication concept stocks rose, with Corning (GLW) leading the gains at 9.75%, followed by Ciena (CIEN) up 3.24%, Coherent (COHR) rising 2.93%, Lumentum (LITE) gaining 2.61%, and Nokia (NOK) advancing 1.82%. Additionally, Marvell Technology (MRVL) fell 2.59% and Applied Optoelectronics (AAOI) declined 1.90%.
4 hours ago
During intraday trading in U.S. stocks, crypto-related concept stocks fell broadly, with MSTR dropping more than 7%.
According to Bitget market data, the three major U.S. stock indexes rose broadly: the Dow Jones Industrial Average gained 0.94%, the S&P 500 increased 0.60%, and the Nasdaq rose 0.63%. Crypto-related stocks fell across the board, with declines as follows: Strategy (MSTR) down 7.33%; Circle (CRCL) down 4.35%; Bitmine (BMNR) down 3.97%; Coinbase (COIN) down 3.73%; Robinhood (HOOD) down 3.70%; Gemini (GEMI) down 3.27%; Bullish (BLSH) down 3.25%; Sharplink (SBET) down 3.19%.
PANews reported on April 30 that, according to an official announcement, Coinbase will launch spot trading of Wrapped Ronin (WRON). If liquidity conditions are met, the WRON-USD trading pair will be available after 00:00 Beijing time on May 1.
Coinbase will also list MegaETH (MEGA). Users can now generate MEGA deposit addresses, but deposits will only be made after the asset issuer unlocks the transfer. The listing depends on market-making support and technical infrastructure, and the specific timing will be announced separately.
In addition, Coinbase has listed Gensyn (AI) and Virtuals Protocol (VIRTUAL), allowing users to buy, sell, exchange, send, receive, or store related assets on the official website and app.
Rubio: US and Iran to continue technical consultations at the end of this month
Multiple foreign media outlets reported on the 24th that US Secretary of State Rubio said technical teams from the United States and Iran will hold further talks in Switzerland by the end of June. (Xinhua News Agency)
4 hours ago
Over the past 24 hours, total crypto market liquidations hit $606 million, with more than 130,000 traders liquidated.
According to Coinglass data, the global cryptocurrency market recorded $606 million in liquidations over the past 24 hours, including $542 million in long-position liquidations and $68.22 million in short-position liquidations. A total of 135,785 traders worldwide were liquidated in the same period, with the largest single liquidation order occurring on Binance’s BTCUSDT trading pair, valued at $12.0111 million.
4 hours ago
Bitcoin falls below $60,000
According to HTX market data, Bitcoin has fallen below $60,000, with a 4.3% drop in the past 24 hours.
4 hours ago
US Treasury Secretary: AI boom may boost productivity and help curb inflation.
US Treasury Secretary Bessent told CNBC in an interview that he hopes the Federal Reserve will remain "open-minded" about the inflation pattern after the reversal of Iran-related energy price hikes. Bessent noted that the U.S. could enter an economic environment marked by high GDP growth without a corresponding rise in traditional inflation. He cited that in the 1990s, Alan Greenspan foresaw that office modernization and the internet could drive non-inflationary growth, and allowed the economy to keep expanding. Bessent believes the U.S. has a strong chance of seeing a similar scenario again. When asked whether the Fed still needs to worry about potential inflation and whether interest rate cuts are possible this year or next, Bessent declined to comment. However, he argued that it is necessary to stay open-minded about the price or inflation impacts from the Iran conflict, and monitor inflation performance after those effects subside. Bessent also said an open mind is needed, as the AI boom could boost productivity and deliver disinflationary effects, helping inflation return to the Fed’s target level. He added that he believes Kevin Warsh will choose the optimal path that meets both the Fed’s inflation and growth mandates. Bessent also noted that Warsh previously took a hawkish stance on inflation.
4 hours ago
US stocks' intraday storage sector sees broad declines, with Western Digital and Seagate Technology both falling over 4%.
According to Bitget data, during U.S. stock trading hours, the storage sector saw broad declines: Western Digital (WDC) fell 4.47%, Seagate Technology (STX) dropped 4.17%, SanDisk (SNDK) declined 2.31%, and Micron Technology (MU) edged down 0.96%. Most optical communication concept stocks rose, with Corning (GLW) leading the gains at 9.75%, followed by Ciena (CIEN) up 3.24%, Coherent (COHR) rising 2.93%, Lumentum (LITE) gaining 2.61%, and Nokia (NOK) advancing 1.82%. Additionally, Marvell Technology (MRVL) fell 2.59% and Applied Optoelectronics (AAOI) declined 1.90%.
4 hours ago
During intraday trading in U.S. stocks, crypto-related concept stocks fell broadly, with MSTR dropping more than 7%.
According to Bitget market data, the three major U.S. stock indexes rose broadly: the Dow Jones Industrial Average gained 0.94%, the S&P 500 increased 0.60%, and the Nasdaq rose 0.63%. Crypto-related stocks fell across the board, with declines as follows: Strategy (MSTR) down 7.33%; Circle (CRCL) down 4.35%; Bitmine (BMNR) down 3.97%; Coinbase (COIN) down 3.73%; Robinhood (HOOD) down 3.70%; Gemini (GEMI) down 3.27%; Bullish (BLSH) down 3.25%; Sharplink (SBET) down 3.19%.
Virtuals Protocol launches EconomyOS, a full-stack identity and finance suite for AI agents.
PANews reported on May 13 that Virtuals Protocol announced the launch of EconomyOS, a full-stack identity and finance suite for AI agents. This complete solution provides AI agents with dedicated Visa cards, wallets, emails, and identity information.
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US Three Major Indexes Mixed, HOOD Down Over 6.11%
Here’s a question nobody was asking five years ago: does your AI agent need its own email inbox? Virtuals Protocol thinks so, and it just shipped one.
The project has rolled out a new managed-agent capability within its EconomyOS stack, giving onchain AI agents a dedicated inbox that can autonomously process one-time passwords, verification links, receipts, and other transactional communications. In English: AI agents can now sign up for services, verify their own accounts, and manage purchase confirmations, all without a human hovering over the keyboard.
What EconomyOS actually does Think of EconomyOS as the operating system that lets an AI agent function like a small business. It bundles together onchain identity, non-custodial wallets, virtual payment cards, and now email management into a single framework.
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The problem it solves is straightforward. Most of the internet still runs on Web2 rails. You need an email to sign up for things. You need to click verification links. You need to receive receipts. If an AI agent can’t do any of that, it’s functionally locked out of most commerce.
By giving agents their own inboxes, Virtuals bridges a gap between the onchain world where these agents live and the off-chain world where most economic activity still happens. The agent gets an identity layer that works across both Web2 and Web3, which is a prerequisite for doing anything useful beyond token swaps.
The scale of the Virtuals ecosystem Virtuals Protocol operates on Base, the Ethereum Layer 2 network, and has been positioning itself as infrastructure for AI agents that function as economic entities rather than just chatbots.
The numbers suggest meaningful traction. The ecosystem has facilitated over 1.77 million jobs and generated approximately $479 million in what the project calls “Agentic GDP,” or aGDP. That’s a metric Virtuals uses to measure the total economic output produced by its agent network.
Roughly 17,000 agents currently operate within the ecosystem. Those agents have achieved a lifetime value exceeding $8 billion and process around 20,000 autonomous onchain transactions through smart wallets.
Virtuals has described its ambition as becoming “Shopify and Wall Street for AI agents.” The Shopify comparison refers to making it easy to launch and manage agents as economic actors. The Wall Street part refers to tokenized agent offerings, where investors can gain exposure to specific agents through token markets.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
OpenServ (SERV) climbed nearly 70% in 24 hours. The token broke out of a falling wedge that had pressured price since late October 2025. The move arrived as autonomous AI agents returned as one of crypto’s leading narratives.
SERV trades near $0.051 with a market cap of about $39 million. The project ranks 579 by market value. Daily volume sits close to $3.8 million.
Falling Wedge Breakout Hints the Rally May Be MaturingThe daily chart shows SERV escaping a falling wedge that compressed price action for roughly seven months. The pattern’s lower trendline ran from October 2025 lows, while the upper boundary tracked a series of lower highs.
OpenServ (SERV) Price Performance. Source: TradingViewIn technical analysis, falling wedges typically resolve higher, and SERV’s breakout above the $0.0287 horizontal level confirmed the structure.
Measured-move analysis points to upside of about $0.038, the longest vertical distance inside the pattern. That measurement, projected from the breakout, implies a target near $0.067.
Price has already covered roughly three-quarters of that range. The 14-day RSI has pushed above 80, a zone where momentum tokens often stall or pull back.
Recent Dogecoin wedge breakouts show that target zones frequently mark short-term tops.
Risk now skews toward profit-taking unless volume sustains a daily close above $0.060. A failed retest of the $0.0287 trendline would invalidate the bullish read. Longer-term price projections will hinge on whether the breakout holds above support.
AI Agent Narrative Returns to Center StageBehind the technical move sits a fundamental story. OpenServ runs an end-to-end infrastructure layer for autonomous AI agents, covering agent construction, token launches, and operational deployment.
The company’s BRAID reasoning framework is used across 10 enterprise and government deployments. That includes UAE government work with partner Neol.
SERV is the platform’s utility asset for fees, staking, and launch participation.
“Our reasoning framework is currently beating every OpenAI model on industry standard benchmarks. There are six models in development. SERV-nano just matched GPT-5.4 at 20x lower cost and 3x the speed. The research paper backing it is in peer review at a top-1% AI journal. The UAE government is running it in production, so are 10+ enterprises,” stated Tim Hafner, founder of OpenServ.
The broader autonomous agent sector now holds a combined market value above $15 billion. Agent launchpad Virtuals Protocol alone trades at roughly $477 million in market cap.
Capital rotation into the theme has lifted smaller agent infrastructure plays after months of consolidation.
Whether momentum holds will depend on adoption metrics, not chart patterns. Coming sessions should show whether SERV’s breakout marks durable demand.
A sentiment-driven move could already have played out most of its course.
Rubio: US and Iran to continue technical consultations at the end of this month
Multiple foreign media outlets reported on the 24th that US Secretary of State Rubio said technical teams from the United States and Iran will hold further talks in Switzerland by the end of June. (Xinhua News Agency)
4 hours ago
Over the past 24 hours, total crypto market liquidations hit $606 million, with more than 130,000 traders liquidated.
According to Coinglass data, the global cryptocurrency market recorded $606 million in liquidations over the past 24 hours, including $542 million in long-position liquidations and $68.22 million in short-position liquidations. A total of 135,785 traders worldwide were liquidated in the same period, with the largest single liquidation order occurring on Binance’s BTCUSDT trading pair, valued at $12.0111 million.
4 hours ago
Bitcoin falls below $60,000
According to HTX market data, Bitcoin has fallen below $60,000, with a 4.3% drop in the past 24 hours.
4 hours ago
US Treasury Secretary: AI boom may boost productivity and help curb inflation.
US Treasury Secretary Bessent told CNBC in an interview that he hopes the Federal Reserve will remain "open-minded" about the inflation pattern after the reversal of Iran-related energy price hikes. Bessent noted that the U.S. could enter an economic environment marked by high GDP growth without a corresponding rise in traditional inflation. He cited that in the 1990s, Alan Greenspan foresaw that office modernization and the internet could drive non-inflationary growth, and allowed the economy to keep expanding. Bessent believes the U.S. has a strong chance of seeing a similar scenario again. When asked whether the Fed still needs to worry about potential inflation and whether interest rate cuts are possible this year or next, Bessent declined to comment. However, he argued that it is necessary to stay open-minded about the price or inflation impacts from the Iran conflict, and monitor inflation performance after those effects subside. Bessent also said an open mind is needed, as the AI boom could boost productivity and deliver disinflationary effects, helping inflation return to the Fed’s target level. He added that he believes Kevin Warsh will choose the optimal path that meets both the Fed’s inflation and growth mandates. Bessent also noted that Warsh previously took a hawkish stance on inflation.
4 hours ago
US stocks' intraday storage sector sees broad declines, with Western Digital and Seagate Technology both falling over 4%.
According to Bitget data, during U.S. stock trading hours, the storage sector saw broad declines: Western Digital (WDC) fell 4.47%, Seagate Technology (STX) dropped 4.17%, SanDisk (SNDK) declined 2.31%, and Micron Technology (MU) edged down 0.96%. Most optical communication concept stocks rose, with Corning (GLW) leading the gains at 9.75%, followed by Ciena (CIEN) up 3.24%, Coherent (COHR) rising 2.93%, Lumentum (LITE) gaining 2.61%, and Nokia (NOK) advancing 1.82%. Additionally, Marvell Technology (MRVL) fell 2.59% and Applied Optoelectronics (AAOI) declined 1.90%.
4 hours ago
During intraday trading in U.S. stocks, crypto-related concept stocks fell broadly, with MSTR dropping more than 7%.
According to Bitget market data, the three major U.S. stock indexes rose broadly: the Dow Jones Industrial Average gained 0.94%, the S&P 500 increased 0.60%, and the Nasdaq rose 0.63%. Crypto-related stocks fell across the board, with declines as follows: Strategy (MSTR) down 7.33%; Circle (CRCL) down 4.35%; Bitmine (BMNR) down 3.97%; Coinbase (COIN) down 3.73%; Robinhood (HOOD) down 3.70%; Gemini (GEMI) down 3.27%; Bullish (BLSH) down 3.25%; Sharplink (SBET) down 3.19%.
Rubio: US and Iran to continue technical consultations at the end of this month
Multiple foreign media outlets reported on the 24th that US Secretary of State Rubio said technical teams from the United States and Iran will hold further talks in Switzerland by the end of June. (Xinhua News Agency)
4 hours ago
Over the past 24 hours, total crypto market liquidations hit $606 million, with more than 130,000 traders liquidated.
According to Coinglass data, the global cryptocurrency market recorded $606 million in liquidations over the past 24 hours, including $542 million in long-position liquidations and $68.22 million in short-position liquidations. A total of 135,785 traders worldwide were liquidated in the same period, with the largest single liquidation order occurring on Binance’s BTCUSDT trading pair, valued at $12.0111 million.
4 hours ago
Bitcoin falls below $60,000
According to HTX market data, Bitcoin has fallen below $60,000, with a 4.3% drop in the past 24 hours.
4 hours ago
US Treasury Secretary: AI boom may boost productivity and help curb inflation.
US Treasury Secretary Bessent told CNBC in an interview that he hopes the Federal Reserve will remain "open-minded" about the inflation pattern after the reversal of Iran-related energy price hikes. Bessent noted that the U.S. could enter an economic environment marked by high GDP growth without a corresponding rise in traditional inflation. He cited that in the 1990s, Alan Greenspan foresaw that office modernization and the internet could drive non-inflationary growth, and allowed the economy to keep expanding. Bessent believes the U.S. has a strong chance of seeing a similar scenario again. When asked whether the Fed still needs to worry about potential inflation and whether interest rate cuts are possible this year or next, Bessent declined to comment. However, he argued that it is necessary to stay open-minded about the price or inflation impacts from the Iran conflict, and monitor inflation performance after those effects subside. Bessent also said an open mind is needed, as the AI boom could boost productivity and deliver disinflationary effects, helping inflation return to the Fed’s target level. He added that he believes Kevin Warsh will choose the optimal path that meets both the Fed’s inflation and growth mandates. Bessent also noted that Warsh previously took a hawkish stance on inflation.
4 hours ago
US stocks' intraday storage sector sees broad declines, with Western Digital and Seagate Technology both falling over 4%.
According to Bitget data, during U.S. stock trading hours, the storage sector saw broad declines: Western Digital (WDC) fell 4.47%, Seagate Technology (STX) dropped 4.17%, SanDisk (SNDK) declined 2.31%, and Micron Technology (MU) edged down 0.96%. Most optical communication concept stocks rose, with Corning (GLW) leading the gains at 9.75%, followed by Ciena (CIEN) up 3.24%, Coherent (COHR) rising 2.93%, Lumentum (LITE) gaining 2.61%, and Nokia (NOK) advancing 1.82%. Additionally, Marvell Technology (MRVL) fell 2.59% and Applied Optoelectronics (AAOI) declined 1.90%.
4 hours ago
During intraday trading in U.S. stocks, crypto-related concept stocks fell broadly, with MSTR dropping more than 7%.
According to Bitget market data, the three major U.S. stock indexes rose broadly: the Dow Jones Industrial Average gained 0.94%, the S&P 500 increased 0.60%, and the Nasdaq rose 0.63%. Crypto-related stocks fell across the board, with declines as follows: Strategy (MSTR) down 7.33%; Circle (CRCL) down 4.35%; Bitmine (BMNR) down 3.97%; Coinbase (COIN) down 3.73%; Robinhood (HOOD) down 3.70%; Gemini (GEMI) down 3.27%; Bullish (BLSH) down 3.25%; Sharplink (SBET) down 3.19%.
Imagine a world where AI agents hire other AI agents, pay them, verify the work, and settle up, all without a human touching a single button. That’s the pitch behind ERC-8183, a new Ethereum standard that just got its first official builder session, co-hosted by Virtuals Protocol and the Ethereum Foundation’s dAI team.
The standard was proposed on February 25, 2026, by a team that includes Davide Crapis and Bryan Lim. It defines a protocol for onchain agent commerce, essentially giving autonomous AI agents a structured way to do business with each other on Ethereum.
What ERC-8183 actually does ERC-8183 introduces what it calls a “Job” primitive. Each Job comes with an escrowed budget, meaning the funds are locked up front so neither party can rug the other.
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The standard defines a four-state lifecycle for every Job: Open, Funded, Submitted, and Terminal. The framework also includes evaluator attestation, which means a neutral third party (or mechanism) verifies that the work meets the requirements before payment is released.
ERC-8183 is designed to integrate with ERC-8004, a separate proposal focused on agent reputation. Together, they form a two-layer system: one for doing the work, one for tracking who does good work.
Why Virtuals Protocol is involved Virtuals Protocol co-developed the ERC-8183 standard alongside the Ethereum Foundation. The project has previously managed over $3 million in agent transactions without escrow, operating in the exact pain-point space that ERC-8183 is designed to solve.
The platform currently hosts a community of over 17,000 agents and has reported revenue of $39.5 million.
What this means for investors The VIRTUAL token is trading at approximately $0.70 as of late March 2026, with a market capitalization of roughly $457 million.
If ERC-8183 gains adoption as the default standard for AI agent commerce on Ethereum, Virtuals Protocol, as a co-developer with an existing agent ecosystem, would be among the first to benefit. Projects like Autonolas and Fetch.ai are also building their own frameworks for agent interaction, making developer adoption the key variable to watch.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Imagine a world where AI agents hire other AI agents, pay them, verify the work, and settle up, all without a human touching a single button. That’s the pitch behind ERC-8183, a new Ethereum standard that just got its first official builder session, co-hosted by Virtuals Protocol and the Ethereum Foundation’s dAI team.
The standard was proposed on February 25, 2026, by a team that includes Davide Crapis and Bryan Lim. It defines a protocol for onchain agent commerce, essentially giving autonomous AI agents a structured way to do business with each other on Ethereum.
What ERC-8183 actually does ERC-8183 introduces what it calls a “Job” primitive. Each Job comes with an escrowed budget, meaning the funds are locked up front so neither party can rug the other.
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The standard defines a four-state lifecycle for every Job: Open, Funded, Submitted, and Terminal. The framework also includes evaluator attestation, which means a neutral third party (or mechanism) verifies that the work meets the requirements before payment is released.
ERC-8183 is designed to integrate with ERC-8004, a separate proposal focused on agent reputation. Together, they form a two-layer system: one for doing the work, one for tracking who does good work.
Why Virtuals Protocol is involved Virtuals Protocol co-developed the ERC-8183 standard alongside the Ethereum Foundation. The project has previously managed over $3 million in agent transactions without escrow, operating in the exact pain-point space that ERC-8183 is designed to solve.
The platform currently hosts a community of over 17,000 agents and has reported revenue of $39.5 million.
What this means for investors The VIRTUAL token is trading at approximately $0.70 as of late March 2026, with a market capitalization of roughly $457 million.
If ERC-8183 gains adoption as the default standard for AI agent commerce on Ethereum, Virtuals Protocol, as a co-developer with an existing agent ecosystem, would be among the first to benefit. Projects like Autonolas and Fetch.ai are also building their own frameworks for agent interaction, making developer adoption the key variable to watch.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Chainlink's CCIP drew over $1.1 billion in token value this week as Virtuals Protocol, Pleasing Market, and Zest Protocol joined a migration wave that has now moved nearly $5 billion in total value away from LayerZero since April's Kelp DAO exploit.
Chainlink’s Cross-Chain Interoperability Protocol (CCIP, the messaging layer that moves assets and data between blockchains) drew over $1.1 billion in token value this week, according to Chainlink, as Virtuals Protocol, Pleasing Market, and Zest Protocol announced integrations in the same seven-day window.
The wave is the latest in a trend that started after a $292 million exploit hit Kelp DAO’s LayerZero-powered bridge in April. Chainlink’s own blog post tallied more than $4 billion in assets migrated to CCIP across seven protocols by May 20; this week’s round pushes the cumulative total higher.
Virtuals: The AI-Agent MigrationThe largest mover this week was Virtuals Protocol (an AI-agent platform where users create, tokenize, and monetize autonomous software agents), which announced Thursday that it is migrating $700 million-plus in VIRTUAL token cross-chain infrastructure from LayerZero to CCIP.
Khoon Kheng, Virtuals’ chief operating officer, said the decision followed a security review prompted by the Kelp DAO incident. Virtuals framed the shift as a standard for agent infrastructure specifically: cross-chain payment rails for autonomous agents — which transact and settle value without human intervention across multiple chains — require a higher security bar than conventional DeFi protocols.
VIRTUAL was changing hands at $0.57 on Friday, down 22% over the past seven days and 89% from its January 2025 all-time high of $5.07, per CoinGecko. Its market cap stands at $371 million.
Pleasing Market and Zest ProtocolPleasing Market, a tokenized commodities platform offering cross-chain precious metals, deprecated its legacy bridge and migrated to CCIP this week, Chainlink announced on X. The platform described CCIP as its exclusive cross-chain infrastructure.
Zest Protocol, a lending protocol that launched the ZEST token in May, is live on Ethereum and Base via CCIP as its primary cross-chain rail.
Neither Pleasing Market nor Zest Protocol disclosed the specific dollar volume of assets covered by the migration. Their inclusion in Chainlink’s $1.1 billion weekly tally reflects announced commitments, not independently verified on-chain flows.
The protocols choosing to leave LayerZero represent a narrow but high-profile slice: liquid restaking tokens, tokenized bitcoin, AI-agent infrastructure, and tokenized commodities.
CCIP’s Security ArchitectureChainlink’s CCIP validates each cross-chain lane with at least 16 independent node operators. Built-in rate limits act as circuit breakers, capping the value that can move per lane per period. Chainlink holds SOC 2 Type 2 and ISO 27001 certifications, which it says no other oracle platform has matched and which its institutional partners — including Swift, J.P. Morgan’s Kinexys, and UBS — have cited in their adoption decisions.
The Kelp exploit exposed a specific weakness in LayerZero’s DVN (Decentralized Verifier Network — the off-chain nodes that confirm cross-chain messages) configuration: a 1-of-1 setup meant one compromised verifier could authorize fraudulent transfers. LayerZero acknowledged the misconfiguration in a post-incident statement.
If you’ve ever aped into a freshly launched token on Base only to watch the developer dump their bags thirty minutes later, Wake wants to be the tool that saves you from yourself. The onchain intelligence terminal, launched through Virtuals Protocol’s fair launch mechanism, is designed to evaluate Base tokens across multiple safety dimensions and flag exit risks before they become catastrophic.
Instead of trusting a project’s vibes and a Telegram group’s enthusiasm, Wake runs deployer history, contract security, liquidity health, market dynamics, and social indicators through its analysis engine, then spits out a risk assessment.
What Wake actually does Wake operates through several core modules: DEX Radar, Pulse Engine, and Exit Detector. Together, these components monitor the Base ecosystem and surface signals that would take a human analyst hours to piece together manually.
The Exit Detector is where things get particularly interesting. Wake flags exit risks with severity scores in real time, categorizing threats like “DEV_DUMP MEDIUM” or “SNIPER_EXIT + TOP10_DISTRIBUTION CRITICAL.” In English: it watches for patterns that historically precede a token’s value cratering, whether that’s developers selling their holdings, early snipers cashing out, liquidity being pulled, or whale-heavy holder distributions shifting.
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Since launch, Wake has indexed over 23,847 Base contracts and processed more than 1.28 million signals.
The terminal runs on a pay-as-you-go model. Users top up their accounts with USDC or ETH and burn through credits as they query the system. New wallets get five free credits to kick the tires.
The tokenomics angle Wake allocates 50% of its terminal revenue to buying back its native token, $WAKE, with the remaining 50% flowing to its treasury. If the terminal generates meaningful revenue from users paying for intelligence queries, half of that revenue creates consistent buy pressure on $WAKE. The other half funds ongoing development and operations.
Wake’s contract address is 0x90f0039850c70Bb73416D6A118C7D3C63366Ce8D for anyone wanting to verify on-chain.
Why Virtuals Protocol matters here Virtuals Protocol is the platform through which Wake launched. Virtuals is a decentralized platform built for launching and co-owning autonomous AI agents on the Base network, with VIRTUAL as its utility and liquidity token. The protocol already powers thousands of AI agents on Base.
Wake represents a specific category within the Virtuals ecosystem: AI-powered market intelligence. Rather than a general-purpose chatbot or trading bot, Wake is narrowly focused on risk assessment for token launches.
The fair launch mechanism through Virtuals is also notable. Fair launches, where tokens are distributed without insider allocations or venture capital pre-sales, have become a preferred distribution method in the current cycle for projects that want to signal alignment with retail participants rather than institutional backers.
For investors and traders operating on Base, Wake addresses a specific pain point: the information asymmetry between token deployers and buyers. Deployers know their own intentions. Buyers are guessing. A tool that analyzes on-chain behavior patterns to surface warning signals shifts that balance.
The risk, naturally, is over-reliance. No automated system catches every scam, and false negatives could create a dangerous sense of security. A token passing Wake’s filters doesn’t make it a good investment. It means the tool didn’t detect the specific red flags it’s programmed to look for.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
According to a prominent trader, the Department Of Government Efficiency (D.O.G.E) token is following the typical meme coin trajectory—major rallies followed by deep corrections.
What Happened: In a post on X on Tuesday, trader Unipcs highlighted that despite facing heavy criticism after a 90% drop from its $500 million peak, this pattern is normal and D.O.G.E is primed for a comeback.
The key to meme coin survival is strong narratives, an engaged community, and an active development team, Unipcs argues.
D.O.G.E is uniquely positioned as the “official meme coin” of Trump’s administration, representing the Department of Government Efficiency. T
his branding has given it significant media coverage and backing from figures like Elon Musk.
Its crash was worsened by the launch of the Trump (CRYPTO: TRUMP) token, which absorbed liquidity.
However, now that election-related sell-the-news catalysts are behind us, D.O.G.E is once again a pure meme play with strong upside potential.
Also Read: Market Skeptical Of DOGE Hype, Questions Elon Musk’s Execution, Bernstein Says
What's Next: Unipcs notes that the recent market crash was the largest liquidation event in crypto history, wiping out $10 billion in positions in 24 hours.
Despite this, he believes the bull run isn't over.
With a pro-crypto U.S. administration and renewed risk appetite, meme coins could be set for a massive resurgence. He advises to stay patient—recovery is possible, but traders must navigate it wisely.
Read Next:
Meme Coin Index ‘Doge Jones’ Launches App Including DOGE, SHIB, BONK Image: Shutterstock
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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Elon Musk-led Department of Government Efficiency has secured access to the Centers for Medicare and Medicaid Services, according a report Wednesday. The extent of the access and the systems involved are yet to be clarified.
What Happened: DOGE representatives have been granted access to key payment and contract systems, reported Wall Street Journal. However, the CMS has not provided any clarification on this matter.
Musk said on X that “big money fraud” was taking place at the CMS on Wednesday in response to another user sharing the story..
The CMS confirmed the collaboration with DOGE, mentioning two senior agency veterans leading the collaboration and ensuring appropriate access to CMS systems and technology, according to the Journal.
DOGE’s focus on CMS aligns with its mandate to cut at least $1 trillion in federal spending. The CMS, which spent over $1.5 trillion in 2024, is often criticized for fraudulent and wasteful spending. Musk expressed his interest in the health agency, hinting at potential fraud in Medicare spending.
Musk’s representatives had reportedly yet to access sensitive databases that include identifiable personal health information of people enrolled in both Medicaid and Medicare. The access given to DOGE representatives was “read-only.”
See Also: Trump Administration Softens Gaza Takeover Proposal As Middle East Allies Reject Plan
Why It Matters: DOGE’s access to CMS comes in the wake of Trump’s Medicaid cuts. In January it was reported that the GOP was pushing for big changes to Medicaid, which serves 79 million low-income or disabled Americans.
Soon after the freeze was announced the Medicaid website stopped functioning, but the White House later attributed that to an “outage.” The executive branch of the government said that no payments had been affected.
The Department of Government Efficiency shares its acronym with Dogecoin (CRYPTO: DOGE), the cryptocurrency frequently mentioned in Musk’s posts on X.
Price Action: At the time of writing, DOGE traded 2.7% lower at $0.26, according to data from Benzinga Pro.
Image via Shutterstock
Did You Know?
Congress Is Making Huge Investments. Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal
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Word on the street is that Ethereum is ready for an early Christmas. The cryptocurrency’s accumulation addresses received a whopping $883M on February 7 – the highest daily inflow ever.
Moreover, long-term holders are now holding over $19.24M worth of $ETH, which is also a record.
This number, by the way, has jumped 20.55% in 2025, which, combined with the fact that $ETH’s price has dropped by 20.75% this year, reflects investors’ confidence in Ethereum.
Simply put, an increasing number of investors are HODLing Ethereum, expecting a big move in the near future.
Further evidence that $ETH’s record-breaking daily info is a bullish sign is the observation that Ethereum’s price shoots up after accumulation peaks like this.
For instance, Ethereum’s price rose by 35% just two months after 244K ETH (a record at that time) were accumulated on a single day (on February 26, 2023).
With Ethereum set to test (and potentially break) all-time highs, we’ve picked 6 meme coins to explode and follow $ETH on its upwards trajectory.
1. Solaxy ($SOLX) – Best Meme Coin to Buy In 2025 Solaxy ($SOLX) has arrived at just the right time for Solana. Although $SOL has been pretty sensational of late – 89% gains in the last one year – plus it’s now holding support and is ready for a breakout, it has admittedly been struggling to accommodate the growing number of users.
This is where Solaxy comes in. As the first layer 2 solution on Solana, $SOLX will solve the problems of network congestion, failed transactions, and limited scalability on the blockchain.
The $SOLX presale has been well received by both retail traders and whales alike. For instance, a whale bought $122K $SOLX just over a month ago.
The total presale raise now stands at an impressive $19M, with each token currently being offered at just $0.00163. If this is your first time investing in a crypto presale, here’s a detailed guide on how to buy $SOLX.
2. MIND of Pepe ($MIND) – Leverage AI to Become a Profitable Crypto Trader MIND of Pepe ($MIND) is a one-of-a-kind fusion between AI and crypto that promises to alter how retail traders have been approaching the crypto market.
It’s a self-evolving AI agent that constantly talks to crypto influencers and communities on dApps and social media sites like X, listening to their beliefs and biases regarding crypto.
Next, $MIND organizes and then declutters all that information to offer trading signals and unique market insights to its token holders.
Additionally, MIND of Pepe is also capable of shaping conversations and hype online, acting as a catalyst for new trending cryptos that it has recommended to its community.
Simply put, this frog-inspired meme coin is poised for tremendous growth, as it’s a sigh of relief for retail crypto traders who have been struggling to make consistent profits.
You can buy 1 $MIND for $0.0032924 if you get in right now. The $MIND madness has already raised over $5.5M, and it doesn’t look like slowing down. Here’s how to buy $MIND.
3. Meme Index ($MEMEX) – The Meme Coin Market Is No Longer Risky Meme Index ($MEMEX) is one of the best cryptos to buy now because it has the potential to not only change how people view the memecoin market but also attract more investors to this corner of crypto.
Taking inspiration from how index funds function in stock markets, $MEMEX is the first provider of meme coin baskets.
It offers four baskets of meme coins, ranging from the very safe Meme Titan Index (includes only the top cryptos in the world) to the high-risk, high-reward Meme Frenzy Index.
There’s also the Moonshot Index and the Meme Midcap Index, which offer handsome returns in exchange for a decent risk appetite.
All in all, because $MEMEX simplifies and diversifies meme coin investing, it has the potential to put crypto alongside the major financial markets in the world.
Meme Index is currently in presale, where it has already raised $3.5M. Each token is now available at $0.0160352, but hurry up because the price increases in the next few hours.
4. Department Of Government Efficiency ($DOGE) – Benefit from the Musk-Led New US Govt Body We’re all well aware of the OG $DOGE, but with Donald Trump winning the elections and Elon Musk getting his own way, there’s a new DOGE in town – Department of Government Efficiency.
Although the name of this US government department is indeed amusing, the work it does (or at least aspires to do) is very serious.
Under the leadership of Musk, DOGE wants to reduce bloated federal spending, alleviating the tax burden on US citizens.
DOGE’s X account constantly updates about the good work it has been doing. For instance, the organization has apparently saved over $5B in just the last two days by terminating wasteful contracts.
As a result, this ETH-based token finds itself on the list of top gainers. It’s up by a mind-boggling 35% in the last 24 hours.
Moreover, with a lifetime return of over 12,000% and truckloads of more fruitful work ahead, this $DOGE (currently priced at $0.065) is undoubtedly one of the top crypto buys under $1.
5. SPX6900 ($SPX) – Unique S&P 500 Index Meme Coin SPX6900 is another meme coin that has reacted positively to ETH’s accumulation news. It has jumped by over 8% today – and nearly 40,000% in the last year!
Built on the Ethereum network, SPX6900 is an S&P 500-based meme coin that has an amusing goal of reaching 69T in valuation. Of course, there’s no point digging into the “why” of this fictional index’s mission.
Thanks to SPX6900’s large community (82K followers on X and over 19K subscribers on its Telegram) and never-ending social media hype, it’s currently one of the best new cryptocurrencies.
Currently trading at $0.67, the token also boasts a massive market cap of $624M, which is one of the biggest in the entire industry.
Verdict Everything considered, it’s worth noting that even the best meme coins to explode aren’t free from the clutches of the overall crypto market’s volatility.
That’s why you should only invest an amount you’re comfortable sidelining for the foreseeable future.
Also, none of the above is a substitute for financial advice, and you must always do your own research before investing.
Elon Musk’s Department of Government Efficiency (DOGE) marked a monumental stride on Thursday, primarily with the launch of its official website. The advisory panel under Trump’s presidency remains poised to offer updates on governmental spending cuts with this endeavor, further streamlining federal operations. Meanwhile, the Tesla & SpaceX lead revealed what the panel eyes for its future initiatives, further echoing a buzz nationwide.
Elon Musk’s DOGE Official Website Goes Live: Here’s All According to an official X post by the Department of Government Efficiency on February 13, the official website ‘doge.gov’ is now live. This portal will offer the public vital updates on governmental spending cuts, the functioning of agency employees, and the panel’s role in streamlining federal operations.
As per Elon Musk, “Details of cost savings” are to be posted on this site. Further, the Tesla & SpaceX lead also revealed that he aims to spend the next 4 months working in the panel, primarily to slash $2 trillion from the budget.
Source: Elon Musk, X What To Expect? In light of this development, FOX Biz correspondent Charles Gasparino revealed on X that once the advisory department’s goals are met, the anticipation is that ‘inflation will be dropping to 2%.’ Notably, CoinGape reported that the latest U.S. CPI inflation data for January came in hotter than expected at a 3% basis YoY. Given that the newly launched government panel achieves what it plans, the broader risk assets market sentiment could substantially benefit.
Further, the imminent developments for the advisory panel are that it aims to launch an ‘overall savings scorecard’ and a ‘description for the amount of each cost reduction’ by February 14.
Altogether, these recent developments have echoed a buzz across the American landscape, whilst crypto market participants keenly eye Dogecoin. Elon Musk’s governmental advisory panel under Trump’s presidency has garnered significant attention to the dog-themed meme coin in light of a similar name. Also, the market hype is attributable to the American entrepreneur’s previous backing and influence over the token.
Dogecoin Under The Spotlight Amid Recent Advancements At the time of reporting, Dogecoin’s price witnessed an uptick of over 4%, exchanging hands at $0.2579. The coin’s intraday low and high were $0.2489 and $0.267, respectively. Intriguingly, the current rising trajectory falls in line with the broader crypto market’s bullish trend.
Further, the recent Elon Musk DOGE-related advancement has added a layer of intrigue surrounding the coin’s future movements. Notably, crypto market analyst ‘VipRoseTr’ conveyed optimism on the meme coin amid current developments, revealing that the price is rebounding from the Fibonacci support zone, signaling a potential bullish reversal. This projection indicates that a massive upside price movement is incoming, with the upcoming targets for the token being $0.4993, $0.5740, and $0.6543, given the price sustains a bullish movement. However, traders and investors continue to trade cautiously, given the meme coin sector’s turbulent nature.
Elon Musk’s latest cost-cutting efforts in the federal government have raised concerns about potential conflicts of interest. The Consumer Financial Protection Bureau (CFPB), a regulatory agency overseeing financial services, has been shut down by the Department of Government Efficiency (DOGE).
The closure comes as Musk’s social media platform, X, expands into financial services through X Crypto and DOGE Payments. Critics argue that eliminating the CFPB could remove oversight that would have regulated Musk’s financial ventures.
CFPB Shutdown Raises Conflict of Interest Speculation The CFPB, created after the 2008 financial crisis, was responsible for regulating financial services, including digital payment platforms. The agency had recently gained expanded powers to oversee major financial technology companies handling over 50 million transactions annually. This included companies like Apple Pay, Google Wallet, PayPal, and X Crypto.
The shutdown of the CFPB was reportedly executed by DOGE, a cost-cutting task force led by Musk within the Trump administration. The agency’s closure has led to employees being ordered to stop work, with its official website displaying an error message.
Consumer advocates suggest that this move could benefit Musk by eliminating regulatory scrutiny over X Crypto and DOGE Payments. Lindsay Owens, executive director of the Groundwork Collaborative, stated that “part of this is about clearing the way for Musk to move as quickly as possible” in developing X’s financial services.
Elon Musk’s X Crypto Expansion and CFPB’s Role X, formerly known as Twitter, has been making significant moves in the financial sector. The platform recently secured a partnership with Visa to introduce X Money Account, a mobile payments service similar to PayPal and Venmo.
This service, allowing peer-to-peer transactions and money transfers, would have been subject to CFPB oversight before the agency’s shutdown.
Under newly finalized regulations, the CFPB was set to monitor digital payment platforms for fraud, privacy concerns, and dispute resolution practices. This oversight could have directly affected the rollout of X Crypto and DOGE Payments.
Adam Rust, director of financial services at the Consumer Federation of America, told the Washington Post that the agency “would likely be looking into the activities of X,” which may not have been favorable to Musk’s plans.
Elon Musk’s Blockchain Proposal and DOGE Payments Elon Musk has also suggested using blockchain technology, which has been rumoured to be Cardano, for government operations through DOGE. According to reports, he proposed using digital ledgers to track federal spending, secure data, and facilitate payments. This aligns with his ongoing efforts to integrate cryptocurrency into X’s financial ecosystem, including the promotion of DOGE Payments.
Musk has previously advocated for expanding the use of Dogecoin, a cryptocurrency he has openly supported.
His financial technology ambitions suggest that blockchain-based payment capabilities may be included in X Money Account, potentially reducing reliance on traditional banking systems. Visa’s involvement in crypto and Elon Musk’s established ties to digital assets further support the possibility of blockchain integration in X Crypto.
Dogecoin Price Trend Amid Speculation Speculation about Elon Musk’s financial moves has also influenced the cryptocurrency market. Dogecoin (DOGE) has seen price fluctuations as investors react to reports linking the cryptocurrency to Musk’s financial expansion.
Crypto analyst Trader Tardigrade has predicted a bullish target of $4 for Dogecoin, suggesting that DOGE could experience significant gains soon. At press time, Dogecoin price was trading at $0.2552, a 1.57% decline from the intra-day high of $0.267.
Concurrently, market expert CobraVanguard also shared that Dogecoin could first rise to $0.32 and later to $0.60 based on recent price movements.
The financial sector, let alone the crypto market, has buzzed with excitement as Elon Musk’s DOGE announced an audit into the US Securities and Exchange Commission (SEC). Recently, the Department of Government Efficiency (D.O.G.E.) has announced a probe into the US SEC for “waste, fraud, and abuse”, sparking market discussions. Adding to the excitement, XRP lawyer John Deaton has extended his backing for Musk and the department, gaining notable traction from the market participants.
Meanwhile, XRP lawyer John Deaton is a well-known figure in the crypto industry, especially because of his role in the Ripple Vs SEC lawsuit. In addition, he also ran for election to the US Senate (Republican Party) to represent Massachusetts against Elizabeth Warren, whom many deem as an anti-crypto regulator. However, he lost to Warren in the election.
XRP Lawyer John Deaton Joins Forces With Elon Musk’s DOGE XRP lawyer John Deaton, a well-known figure in the crypto industry, has publicly backed the latest initiative of Elon Musk’s DOGE. Deaton, who played a crucial role in the Ripple Vs SEC lawsuit, has taken to social media to extend his expertise. In a recent X post, Deaton stated:
“Elon Musk & DOGE needs to talk to me and I can show you a few things I’ve learned (and helped expose) the last few years.”
His comment has sparked widespread reactions, with crypto enthusiasts welcoming his involvement in the probe against the SEC. Notably, ex-Ripple executive Sean McBride also lauded the latest move by the XRP attorney, sparking discussions in the market.
XRP Community Lauds As Elon Musk’s DOGE Takes Aim At US SEC The newly created X account “DOGE SEC” has actively sought public assistance in gathering evidence against the regulatory agency. In an open call, the account posted:
“DOGE is seeking help from the public! Please DM this account with insights on finding and fixing waste, fraud, and abuse relating to the Securities and Exchange Commission.”
This move has received backing from prominent figures in the industry. Investigative journalist Laura Loomer urged the probe to start with former SEC official Bill Hinman, whose dealings remain under scrutiny. Reacting to that, XRP lawyer Bill Morgan echoed her sentiments, calling it the “perfect place to start.”
Source: Bill Morgan, X Crypto Community Calls Out SEC’s Actions The SEC has been under fire for its handling of key cases, including the XRP lawsuit. The agency has reportedly withheld 201 documents related to its communication with JPMorgan about Ripple and XRP. Ripple’s Chief Legal Officer, Stuart Alderoty, previously stated, “I have the receipts,” indicating evidence of possible US SEC misconduct.
This has also sparked discussions if the latest probe could lead to an end in the ongoing Ripple Vs SEC lawsuit. Notably, a top XRP lawyer has recently commented on the potential impact of the Ripple lawsuit on the XRP ETF approval process, which has gained immense attention from market watchers.
Meanwhile, Coinbase’s Chief Legal Officer, Paul Grewal, also weighed in, suggesting that those who successfully defend themselves against SEC lawsuits should be reimbursed for legal fees. Meanwhile, critics have called for a closer look at the “ETH Gate” controversy, which alleges that the SEC gave preferential treatment to Ethereum while targeting other crypto firms.
Having said that, with the DOGE initiative gaining traction and XRP lawyer John Deaton lending his legal expertise, pressure is mounting on the US SEC to address its controversial actions. Whether this probe leads to tangible changes remains to be seen, but it has undoubtedly reignited the crypto community’s call for accountability.
As FTX founder Sam Bankman-Fried breaks his two-year silence, scammers have seized the opportunity to create a fake account on X, unleashing meme coins. Posing as SBF, the impostors falsely claimed that Donald Trump had pardoned him and that he was joining the Elon Musk-led Department of Government Efficiency.
Following SBF’s appearance on his X account, the FTT token surged by about 29% only to fall soon. Despite the recent dip, investors show growing interest in the token.
SBF Fake Account Releases Meme Coin In a shocking turn of events, a fake account impersonating Sam Bankman-Fried issued meme coins and their contract addresses. The scammers also claimed that President Donald Trump has pardoned SBF who has been serving out a 25-year prison sentence on seven counts of fraud and conspiracy.
This development comes after SBF’s recent X post on the Department of Government Efficiency’s (DOGE) layoffs. Subsequently, the scammers created a fake account, claiming that SBF was joining DOGE.
Multiple users flagged the account for suspicious activity, noting the gray verification checkmark on X, typically reserved for government or multinational organization accounts. Several X users condemned this as identity theft and fraud, warning investors to be cautious of such scams. The SBF fake account message was quickly removed, leaving no trail of the scammers’ intentions or their planned next steps.
It is noteworthy that the SBF fake account’s release of meme tokens comes amidst the broader meme coin mania initiated by Donald Trump’s TRUMP.
Sam Bankman-Fried Breaks Silence after Two Years Earlier today, Sam Bankman-Fried shared a series of X posts, reflecting on the US government layoffs implemented by the Trump administration. Notably, Elon Musk’s DOGE agency has reduced its federal workforce by approximately 95,000 positions, mainly through voluntary resignations and the dismissal of probationary employees.
1) I have a lot of sympathy for gov’t employees: I, too, have not checked my email for the past few (hundred) days
And I can confirm that being unemployed is a lot less relaxing than it looks
— SBF (@SBF_FTX) February 25, 2025
Addressing the issue, SBF highlighted the harsh realities of unemployment. He posited that unemployment is more challenging than expected. He also emphasized that the case arises from broader organizational issues rather than individual performance.
FTT Token Surges: Will It Sustain? Triggered by SBF’s post, FTX’s FTT token saw an uptick of more than 29%, reaching a high of $2.1. However, the token soon plummeted and is now trading at $1.6, marking a loss of 3.54% over the last 24 hours. FTT has experienced deeper declines of 19% and 21% over the past week and month, respectively.
Significantly, FTX repayment updates and SBF’s surprise return has fueled investor sentiment. This is evident in FTT’s increasing daily trading volume, which reached $84.67 million, up by 175%.
Tesla and SpaceX CEO Elon Musk compared investments in meme coins to casino games on Friday, warning investors against pouring their life savings into such assets.
What happened: During a chat with Joe Rogan on the popular "The Joe Rogan Experience" show, Musk said, “It’s like a casino or something. And then people just do the greater fool theory and like musical chairs, and whoever is the last to sit down loses type of thing."
Musk stated that expecting to win at the casino is foolish, and so is the case with meme coins.
"You’re not gonna win at meme coins," Musk emphasized. "Don’t sink your life savings into a meme coin."
Musk used a popular idiom to drive home the point, saying, "Don’t bet the farm on meme coins."
In fact, the acronym for the Department of Government Efficiency, a federal government initiative created by the tech mogul, is based on Dogecoin.
Musk’s views echoed those of billionaire investor Mark Cuban, who previously criticized meme coins as a ‘hustle’ and likened them to a game of musical chairs.
More recently, the SEC clarified that meme coins do not fall under federal securities laws, but fraudulent activities involving these coins could still face legal consequences.
Price Action: At the time of writing, Dogecoin was exchanging hands at $0.2278, up 10.14% in the last 24 hours, according to data from Benzinga Pro.
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Bitcoin Spin-Off Litecoin, ‘Ethereum Killer’ Avalanche Weather Crypto Meltdown, Here’s Why LTC, AVAX Are Spiking Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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Influential tech entrepreneur Elon Musk categorically ruled out the idea of the U.S. government using Dogecoin (CRYPTO: DOGE) on Sunday, even though his initiative, the Department of Government Efficiency, makes a playful reference to the meme-based cryptocurrency.
What Happened: During a town hall event in Green Bay, Wisconsin, Musk was asked whether the Dogecoin blockchain might be used to improve government transparency.
“Well the names are similar, but they’re doing two very different things,” the Tesla and SpaceX CEO responded.
Musk stated that he first planned to name the department the “Government Efficiency Commission” but changed it to the Department of Government Efficiency after receiving suggestions on the internet.
“But there are no plans for the government to use Dogecoin or anything as far as I know,” Musk clarified.
This statement comes in the wake of Musk’s previous comments comparing investments in meme coins like Dogecoin to casino games. He had warned investors against pouring their life savings into such assets.
Why It Matters: Musk has been an avid supporter of Dogecoin, and his social media posts have routinely sent the dog-themed cryptocurrency rallying.
Moreover, his automobile firm, Tesla, previously accepted Dogecoin payments. Last year, he expressed a desire to reinstate the option for the company's merchandise.
Price Action: At the time of writing, DOGE was exchanging hands at $0.1667, down 3% in the last 24 hours, according to data from Benzinga Pro.
Image via Shutterstock
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Elon Musk has doused optimism for the US government to adopt Dogecoin at the America PAC town hall event. The head of the Department of Government Efficiency (DOGE) noted that the government agency only bears a nominal resemblance to the memecoin.
Elon Musk Dispels Rumors Of Dogecoin Adoption By The US Government At a recent event, Tesla CEO Elon Musk cleared the air on the potential adoption of Dogecoin by the US government. In his keynote speech, Musk noted that the US government will not be adopting Dogecoin, contrary to swirling speculation.
Musk noted that the speculation gained traction following the launch of the Department of Government Efficiency (DOGE). Following the launch of DOGE and Musk tapped to lead the agency, enthusiasm for Dogecoin government utility reached new highs.
However, Musk clarified that the agency bears only a nominal resemblance to the memecoin, stemming from an internet trend. The Tesla CEO disclosed that the original intended name was the Government Efficiency Commission, opting for DOGE “because the internet is right.”
“The name is similar but they are two different things,” said Musk. “But there are no plans for the government to use Dogecoin as far as I know.”
Musk has a long and storied history with Dogecoin, famously shilling the memecoin and integrating DOGE payments for Tesla. Musk teased an anime-themed DOGE on X, setting the stage for a $2 rally for the memecoin.
DOGE Reacts Negatively To The News Dogecoin price slumped by nearly 2% in the wake of the grim report. Currently, the memecoin is trading at 0.1660 as it eyes a push toward the $1 mark.
The negative fundamental adds pressure to reports of DOGE forming a falling wedge pattern, signaling a potential downward breakout. However, optimists are rippling with confidence that DOGE can shake off the negative sentiments to post new all-time highs.
One analysis claims that if the Dogecoin price breaks a 3-month trendline, an $8 valuation for the memecoin is in play. Others claim that the House of Doge Reserve launch will be a tailwind for Dogecoin price, sending the dog-themed coin on a strong rally.
Coinbase (NASDAQ:COIN) CEO Brian Armstrong has called on Department of Government Efficiency contractors to apply to Coinbase to “help create a more efficient financial system for the world.”
What Happened: In a post on X on May 13, Armstrong wrote “If you’re looking for your next mission to serve your country, consider taking the DOGE Staff interview, help us build a more efficient financial system for the world at Coinbase.”
He reposted a video featuring a Harvard dropout who joined the DOGE team, saying he found greater impact and purpose working on financial reform than in academia.
Also Read: Coinbase Analysts Look Ahead To Q2 After Disappointing Q1: ‘Higher Crypto Prices… Increased Volumes’
Why It Matters: Armstrong has long championed DOGE as a vehicle for financial reform, previously describing it as a "once-in-a-lifetime opportunity" to expand economic freedom in the U.S.
In November 2024, he even proposed replacing individual income tax with corporate taxation, highlighting DOGE's role in broader policy innovation.
More recently, in May 2025, Armstrong noted that stablecoins like USDC have strong network effects and urged banks to partner with existing players rather than creating their own.
In February 2025, Armstrong likened Bitcoin adoption to the early days of mobile phones and the internet, predicting billions of global users by 2030.
As Coinbase gains momentum, including its inclusion in the S&P 500 Index, Armstrong's DOGE initiative may signal a deeper push toward financial system disruption from within the industry's top leadership.
Read Next:
Cathie Wood Says ‘Index-Sensitive Managers Will Be Compelled to Consider’ Coinbase As Crypto Exchange Platform Joins S&P 500 Index Image: Shutterstock
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Bitcoin can soon cross the $200K mark due to rapidly contracting supply.
Matt Hougan, the chief investment officer of Bitwise, said that the king cryptocurrency can hit the milestone by the end of 2025, considering demand and supply.
Hougan’s rationale is that miners can only produce 165,000 $BTC this year. On the other hand, Strategy alone has bought 379,800 $BTC over the past six months. This means that miners can’t produce enough $BTC to satiate the market’s demand.
Moreover, a huge amount of money has been flowing into Bitcoin ETFs, with the total now standing at $6B. Add to this governments and corporations also buying $BTC left, right, and center, and we’re witnessing an unforeseen demand for the ‘digital gold.’
Hougan expects that $BTC sellers would stop at $100K, which is also a huge psychological level.
Keep reading to learn more about Bitcoin’s brewing rally. We’ll also list down the best altcoins you can buy to benefit from this.
Shrinking Bitcoin Supply Michael Saylor’s Strategy has emerged as the most aggressive Bitcoin buyer. The company now holds a whopping 568,840 $BTC worth $59.03B.
Because of this, the Bitcoin supply has turned deflationary (-2.33%), as per analyst Ki Young Ju. Simply put, Bitcoin’s supply is decreasing by 2.33% every year.
Now, with other firms such as Cantor Fitzgerald’s Twenty One also buying Bitcoin aggressively and governments rushing to form a Bitcoin reserve, this deflationary rate is only expected to increase in the next few years.
In other words, Bitcoin could become an asset of the rich with limited supply.
It’s worth noting that Bitcoin is not expected to stop even after it reaches $200K. Crypto analyst Scott Melker said in a recent interview that the asset can reach $250K by the end of 2025.
Heavy corporate investments have meant that Bitcoin has become less volatile over the years. Earlier, it was about three times more volatile than the S&P 500, but it’s now less than twice as volatile.
Decreasing volatility is a strong indication of increasing institutional interest. The more money flows into an asset, the less volatile it becomes.
If you, too, want to benefit from Bitcoin’s mighty swing upwards, this might be your last chance. If you’re looking for ideas, here are some of the best cryptos to invest in right now.
1. BTC Bull Token ($BTCBULL) – Best Altcoin to Buy to Ride Bitcoin’s Growth A Bitcoin rally generally means happy times for the broader crypto (and meme coin) market.
However, becoming an early investor in BTC Bull Token ($BTCBULL) will allow you to make the most of Bitcoin’s growth.
That’s because $BTCBULL is the ONLY crypto today offering real (and free) $BTC via airdrops to its token holders.
Every time Bitcoin reaches a landmark figure, such as $150K, $200K, and $250K, for the first time, $BTCBULL holders who have stored their tokens in Best Wallet will automatically receive their share of $BTC.
As mentioned earlier, Bitcoin is expected to reach $250K this year, meaning you can benefit from at least three $BTC airdrops, depending on when BTC Bull Token goes live.
The project is currently in presale, with over $5.9M in early investor funding. Luckily for you, one $BTCBULL is available for just $0.00252.
It’s also worth noting that the project’s developers have planned to follow a deflationary model.
This simply means that the total $BTCBULL supply will keep reducing – every time $BTC’s price jumps $25K, to be precise – which will likely boost demand.
For more information, check out our guide on how to buy BTC Bull Token.
2. MIND of Pepe ($MIND) – Best AI Agent Coin Offering Real-Time Crypto Investment Insights A booming crypto market is a launchpad for viral meme coins. We’ve already witnessed this in the last couple of weeks, with tokens like $MOODENG, $KEKIUS, and $GOAT recording triple-digit gains.
MIND of Pepe ($MIND) is a potentially revolutionary new crypto that will help you identify such high-potential tokens before they rocket to the moon.
Its autonomous AI agent stirs up conversations on online platforms like X, talking to the crypto community and doing deep dives into their opinions on various altcoins.
Finally, it analyzes all the collected data using its cutting-edge hive-mind analysis to read the market’s pulse and zero in on the best cryptos to buy.
Remember, $MIND is also self-evolving, which is why it’ll be able to create its own tokens once it has spread its popularity far and wide in the crypto community.
Finally, it’s worth noting that only $MIND token holders will have access to the AI agent’s real-time insights and investment suggestions.
Additionally, if you want to make the most of $MIND’s predicted 800% growth, consider becoming an early investor in the project.
Hurry up, though, because the $MIND presale ends in less than two weeks. Each token is currently available for just $0.0037515, and the project has raised $9.4M in total. Buy $MIND now.
3. Department of Government Efficiency ($DOGE) – Viral Meme Coin Inspired by Musk’s DOGE The Department of Government Efficiency (DOGE) is Elon Musk’s newest infamous initiative.
As the name suggests, DOGE’s mission is to assist the second Trump administration by maximizing the productivity of the federal government.
Considering that anything Musk touches becomes a fad in crypto, it’s hardly a surprise that $DOGE (not Dogecoin, mind you) has risen to become one of the top trending cryptos.
To make the most of its viral bottom line, the $DOGE meme coin offers a few distinct advantages to crypto traders.
For instance, you don’t have to pay any fees while buying, selling, or transferring $DOGE. Next, this low-cap coin is now completely owned by the community; the $DOGE owner has given up control over it.
$DOGE is up over 140% in the last month or so, including 76% in just the last seven days.
It’s currently trading at $0.03318, which, seeing as Trump’s second term is only getting started, could be a great entry point for interested investors.
Remember, Even the Best Altcoins Require Sound Risk Management With a Bitcoin rally looking imminent, top altcoins like BTC Bull Token ($BTCBULL) and MIND of Pepe ($MIND) offer once-in-a-lifetime opportunities thanks to their unique prospects and low prices.
However, bear in mind that the crypto market guarantees nothing. It’s highly volatile and unpredictable, which is why you should only risk what you can afford to lose.
Also, kindly do your own research before investing; this article is not financial advice.
Another key figure at the Department of Government Efficiency, nicknamed “Big Balls”, has reportedly stepped down, following the exit of Elon Musk from the federal initiative meant to reduce wasteful spending.
What Happened: Edward Coristine, a 19-year-old high school graduate operating under the pseudonym “Big Balls”, has resigned from his role at DOGE, The Hill reported Tuesday, citing a White House official with knowledge of the matter.
Coristine was a key participant in high-level meetings involving the DOGE, Treasury Department, Commerce Department, and military operations during his tenure, the report said.
Despite his age and education, Coristine gained access to the United States’ payroll systems. However, his Google Workspace account with the General Services Administration (GSA) is no longer active following his resignation, as reported by WIRED.
DOGE didn’t immediately return Benzinga’s request to confirm this news.
See Also: Peter Schiff Slams Texas For Authorizing Bitcoin Reserve: ‘Another Example Of Why The Founding Fathers Distrusted Democracy’
Why It Matters: Coristine, previously lauded by Musk, was reportedly linked to a cybercrime group, leading to concerns about the integrity of the DOGE initiative. His former company, DiamondCDN, had ties to a website operated by the cybercrime group “EGodly”.
At the same time, the initiative faced flak for seeking access to sensitive government systems such as the Treasury Department and potential conflicts of interest.
Price Action: The DOGE acronym also alludes to Dogecoin (CRYPTO: DOGE), a meme coin that Musk has liked over the years, although there is no direct link between the department and the cryptocurrency.
At the time of writing, DOGE was exchanging hands at $0.1657, up 1.07% in the last 24 hours, according to data from Benzinga Pro.
Photo Courtesy: iQoncept on Shutterstock.com
Read Next:
Dogecoin Up 5% But Doubts Remain: What’s Going On? Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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The U.S. is facing a serious financial challenge. The national debt is now over $36 trillion, and rising interest rates are making it more expensive to borrow money. Much of the debt that was issued during the COVID-19 era is about to roll over, meaning it needs to be refinanced at today’s much higher rates.
In brief The U.S. is facing massive debt and rising interest costs, with few traditional solutions left. Bitbonds are a new idea that combine Treasury bonds with Bitcoin to attract more buyers and lower borrowing costs. They offer upside potential without extra taxpayer risk, and could help legitimize Bitcoin in the process. Bitcoin bonds as a solution If nothing changes, taxpayers will be stuck paying hundreds of billions more in interest every year. But there may be a surprising new idea that could help: Bitcoin-enhanced Treasury Bonds, or Bitbonds.
This idea comes from Matthew Pines, director at the Bitcoin Policy Institute. His proposal is simple: when the U.S. issues new bonds, it could set aside a small portion of the money raised, say 1-10%, to buy Bitcoin.
Some of that Bitcoin would go into a long-term government reserve. The rest would be distributed over time to people who buy the bond, giving them a mix of stable returns from the bond, plus potential upside from Bitcoin.
Why do this? Because it could increase demand for U.S. bonds. With stronger demand, the government wouldn’t need to offer such high interest rates to attract buyers. That could save a lot of money.
It could also send a powerful signal. If the U.S. government starts buying and holding Bitcoin, it would show that it sees Bitcoin as a legitimate, long-term asset. That could boost trust in Bitcoin, and possibly raise its price, which would benefit both the government and investors in Bitbonds.
What’s the risk? Pines says the downside is limited. If Bitcoin drops in value, the bondholder still gets the same return as a normal Treasury bond. If Bitcoin goes up, they get a bonus. It’s like a regular bond, but with optional upside.
Bitbonds wouldn’t replace the current financial system, they’d be a new tool the government could try. Pines recommends starting with a pilot program, to see how investors react.
It’s a bold idea. But with rising debt, global tensions, and limited political options, Bitbonds might offer something rare: a way to lower borrowing costs, promote financial innovation, and ease long-term pressure, without raising taxes or cutting spending.
And if it works, the idea might bring a lot of capital into Bitcoin, at which point the idea of exploring the same principle with different cryptocurrencies such as XRP and Ethereum might get explored.
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Gijs O.
I've been passionate about crypto for nearly a decade, ever since I was young and first became curious about investing. That early spark led me to years of research, writing, and exploring the future of decentralized tech.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
The Department of Government Efficiency (DOGE) has been dissolved, according to the Office of Personnel Management (OPM), despite its mandate being scheduled to continue through July 2026.
Despite the news, the meme coin associated with the Elon Musk and Vivek Ramaswamy-led initiative is up by double digits.
Trump’s DOGE Project Is OverDOGE began by executive order on Trump’s first day following reelection. Its mission was to dramatically streamline bureaucracy and cut $6.5 trillion in federal spending.
The launch sparked immediate attention, driving Dogecoin prices up over 10% on the announcement and leading to expectations of more crypto use in government.
OPM director Scott Kupor confirmed the dissolution, noting that DOGE doesn’t exist as a centralized entity. The department’s roles have shifted into OPM, while Trump now refers to DOGE in the past tense at public events.
Good editing by @reuters – spliced my full comments across paragraphs 2/3 to create a grabbing headline 🙂 The truth is: DOGE may not have centralized leadership under @USDS. But, the principles of DOGE remain alive and well: de-regulation; eliminating fraud, waste and abuse;…
— Scott Kupor (@skupor) November 23, 2025 The shutdown came eight months before its expected end. Musk left Washington in May. In June, turmoil appeared as staff packed personal items and searched for new homes, while tensions reportedly rose between Trump and Musk.
Despite its aggressive cost-cutting, the department quietly closed its doors.
Vivek Ramaswamy withdrew from the Ohio Senate race to focus on DOGE, but the department faced criticism for a lack of transparency and public accountability throughout its brief existence.
DOGE agents reportedly moved aggressively through agencies, making large personnel cuts and trimming budgets with minimal stakeholder input.
DOGE’s leadership claimed billions in savings, but no concrete, verifiable evidence has shown true cost reductions from these actions. This lack of transparent accounting has left many questioning whether DOGE improved spending efficiency at all.
Until shortly before its closure, DOGE’s official account posted regular updates on contract reductions, highlighting cost-cutting milestones in multiple agencies.
Contracts Update!
Over the last 9 days, agencies terminated and descoped 78 wasteful contracts with a ceiling value of $1.9B and savings of $335M, including an $616k HHS IT services contract for “social media monitoring platform subscription”, an $191k USAGM broadcasting… pic.twitter.com/83ldxUZ1NY
— Department of Government Efficiency (@DOGE) November 23, 2025 Some former DOGE employees are concerned about possible legal consequences related to their involvement in the department’s aggressive measures.
These concerns reveal persistent questions regarding whether DOGE’s practices crossed legal or ethical lines in its short tenure.
This transition marks a shift from DOGE’s drastic cost-cutting to broader government modernization. Critics have noted that only Congress can officially disband agencies, and DOGE’s scope was always limited to what executive actions could deliver.
Department of Government Efficiency (DOGE) Price Performance. Source: BeInCryptoMeanwhile, the Department Of Government Efficiency cryptocurrency token continues trading. Data on BeInCrypto shows the token’s price sits at $0.00483, up 13.62% in 24 hours.
The dissolution of DOGE raises questions about how sustainable rapid government restructurings can be, and what role executive actions play in structural reform.
As federal operations absorb former DOGE staff and the administration moves on, the real impact of DOGE’s brief experiment remains uncertain and open to further assessment.
DOGE Outperforms Bitcoin, EthereumThe spot price increase piqued the curiosity of derivatives traders, with open interest in DOGE futures surging 3.27% in the last 24 hours, according to Coinglass.
Ali Martinez, a widely followed cryptocurrency analyst and trader, spotted a “Buy” signal for the memecoin from the TD Sequential indicator, mirroring a previous signal that resulted in a 101.5% rally.
The TD Sequential indicator is a technical analysis tool that helps traders identify potential price reversals and exhaustion patterns.
See Also: Dogecoin (DOGE) Price Prediction 2025, 2026, 2030
End Of The Road For Musk’s DOGE?The coin’s rally was also notable as it came despite Scott Kupor, Director of the Office of Personnel Management, confirming that the Department of Government Efficiency no longer exists.
DOGE launched in January with Musk promising $2 trillion in savings, an idea that initially received full support from President Donald Trump. Musk later split with Trump in June over the president’s tax-and-spending bill.
Dogecoin gained significant momentum after Trump’s victory and the subsequent announcement of the DOGE initiative. Although there was no direct link, Musk’s wordplay caused investors to associate the memecoin with the government.
Price Action: At the time of writing, DOGE was exchanging hands at $0.1465, up 2.60% in the last 24 hours, according to data from Benzinga Pro.
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The Department of Government Efficiency dismissed news of its disbandment as “fake” on Monday, declaring that it would be back soon with “regularly scheduled” updates.
DOGE Returning In A ‘Few Days’The official X account of the Department of Government Efficiency, or DOGE, stated that the agency terminated 78 “wasteful” contracts last week, resulting in savings of $335 million for taxpayers.
President Trump was given a mandate by the American people to modernize the federal government and reduce waste, fraud and abuse,” the post read. “We'll be back in a few days with our regularly scheduled Friday update.”
Cameron Winklevoss, co-founder of cryptocurrency exchange Gemini, reacted positively to the development, saying, “Long live DOGE.”
See Also: Dogecoin (DOGE) Price Prediction 2025, 2026, 2030
Trump’s OPM Director Said DOGE Not A ‘Centralized Entity’DOGE’s statement comes after Office of Personnel Management Director Scott Kupor said that DOGE is no longer a “centralized entity,” with the OPM absorbing many of DOGE’s duties.
Notably, Kupor also reposted DOGE’s latest post.
DOGE launched in January with Musk promising $2 trillion in savings, an idea that initially received full support from President Donald Trump. Musk later split with Trump in June over the president's tax-and-spending bill.
Price Action: At the time of writing, DOGE was exchanging hands at $0.1508, up 2.22% in the last 24 hours, according to data from Benzinga Pro.
Read Next:
Bitcoin Is Down 35% In 6 Weeks, But The Next Rally Decides If It’s ‘Over’ Or Not Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
Photo Courtesy: mundissima on Shutterstock.com
Market News and Data brought to you by Benzinga APIs
Tesla and SpaceX CEO reiterated in an interview aired Sunday that Bitcoin (CRYPTO: BTC) is based on energy, categorizing it among “fundamental” currencies.
Bitcoin Is Physics-Based?Speaking to Indian entrepreneur Nikhil Kamath, Musk discussed what he thought were “physics-based” fundamental currencies.
“Energy is the true currency. This is why I said Bitcoin is based on energy,” the technology mogul said.
Musk argued that energy can’t be legislated, adding, “You can’t just pass a law and suddenly have a lot of energy. It’s very difficult to generate energy, or especially to harness energy in a useful way to do useful work.”
See Also: Dogecoin (DOGE) Price Prediction 2025, 2026, 2030
Governments Cannot Fake Energy, Said MuskMusk repeated the arguments he had made earlier in the year. In October, he said that Bitcoin is based on energy, and unlike fiat currencies, governments cannot “fake” it and issue their own.
It’s worth noting that Bitcoin mining requires a huge load of electricity to power computers and solve complex mathematical puzzles. It is through mining that the network is secured and new BTC enter the system.
DOGE Was ‘Common Sense’Musk also talked about his Department of Government Efficiency, or DOGE, initiative, calling it an “interesting side quest” that gave him insight into the “inner workings” of government.
“So a bunch of things that DOGE did were just very common sense, things that would be normal for any organisation that cared about financial responsibility,” he said.
Musk also said that the department continues to function, adding, “It’s still going on, by the way. DOGE is still happening.”
The DOGE department dismissed news of its disbandment as "fake" last week, declaring that it would be back soon with "regularly scheduled" updates.
DOGE's website shows roughly $214 billion in savings, with the last update on Oct. 4. Reports emerged suggesting the numbers were inflated by counting maximum possible contract values and not actual spending reductions.
Price Action: At the time of writing, BTC was exchanging hands at $86,563.48, down 4.75% over the last 24 hours, according to data from Benzinga Pro. Dogecoin traded down 6.88% at $0.1381 at last check.
Read Next:
Hillary Clinton Warned ‘Exotic’ Crypto Could Destabilize Nations: These Countries Took The Worst Reserve Hits In The Bitcoin Meltdown Photo Courtesy: mundissima on Shutterstock.com
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
Market News and Data brought to you by Benzinga APIs
Popcat (CRYPTO: POPCAT) plunged nearly 50% from its intraday high, falling to $0.138 after a failed breakout above $0.21 triggered heavy profit-taking and renewed selling pressure.
The rejection near $0.21 marked heavy selling pressure along Popcat's long-term descending trendline from April.
The move erased most of the token's 40% rally today, signaling exhaustion among short-term buyers.
On the 30-minute chart, Popcat's structure turned bearish after a large reversal candle wiped out early gains.
The Supertrend flipped red near $0.194, confirming a shift in momentum as intraday sellers took control.
RSI dropped from overbought levels above 80 to 35, showing weakening demand and the potential for further correction.
Immediate support sits between $0.138 and $0.14, a zone formed earlier this week during prior accumulation.
A break below this range could expose the next key support near $0.12, where buyers may attempt to stabilize price.
$30 Million Long Liquidation Triggers Popcat CrashAccording to on-chain data, a trader reportedly withdrew $3 million USDC (CRYPTO: USDC) from OKX and distributed it across 19 wallets, building an aggressive $30 million long position on Popcat near $0.21.
After removing a massive buy wall, the trader's position was liquidated within seconds, forcing Hyperliquid (HLP) to take over and close the trade manually.
The event led to a rapid 50% price drop and an estimated $4.9 million loss for HLP, highlighting the extreme leverage and manipulation risk in meme coin markets.
The liquidation also coincided with heightened volatility across smaller meme assets, amplifying Popcat's intraday collapse despite strong inflows earlier in the day.
In brief Hyperliquid temporarily paused Arbitrum-based deposits and withdrawals. A community-owned vault suffered nearly $5 million in losses. Onlookers attributed the loss to a potentially malicious Popcat trader. Hyperliquid traders using Arbitrum-based infrastructure were temporarily unable to make deposits or withdrawals on Wednesday, as the decentralized exchange for perpetual futures appeared to respond to a series of potentially malicious Popcat trades.
Blockchain researcher Conor Grogan was among onlookers on X who said withdrawals were “processing normally” again, less than a couple of hours after Hyperliquid’s users began peppering the project’s Discord server with questions about a potential attack.
“The blockchain is not under maintenance,” an admin for Hyperliquid’s discord server who goes by iliensinc said. “The Arbitrum bridge is temporarily paused. Other deposits and withdrawals should be unaffected.”
Previously, members of Hyperliquid’s Discord server had shared screengrabs of a notice from Hyperliquid’s website, saying “USDC deposits and withdrawals from the Arbitrum bridge are paused for maintenance.”
A community-owned “vault” on Hyperliquid, where users can deposit funds, lost $4.9 million on Wednesday, according to the exchange’s website. The loss was linked to positions being liquidated on the exchange by an individual who goes by MLM on X.
Someone just passed $5M of bad debt on POPCAT to Hyperliquid’s Hyperliquidity Provider (HLP).
The individual affected had withdrawn $3M this morning from OKX, and split it across 19 different accounts, all used to long POPCAT with ~5x leverage.
These 19 accounts were liquidated… pic.twitter.com/esqeKudqlf
— Arkham (@arkham) November 12, 2025
Using $3 million in stablecoins, an individual entered into $20 million worth of long positions across 19 wallets, MLM said. The individual, who was betting on the price of meme coin Popcat to increase, was later liquidated, forcing the community-owned vault to step in, MLM said.
MLM said that Hyperliquid “manually closed the position,” but not before the meme coin’s falling price caused notable losses for the community-owned vault. In recent months, users’ liquidations have caused temporary setbacks for the vault.
The dynamic also led Hyperliquid to delist Solana-based meme coin JELLYJELLY, provoking criticism that the exchange is not as decentralized as people may think.
MLM claimed that the Popcat-linked activity was “clearly a deliberate attempt to mess” with Hyperliquid and the community-owned vault, but the situation hadn’t been acknowledged by the decentralized exchange yet, as of this writing.
Hyperliquid’s status page details no recent incidents, but a transaction on Ethereum layer-2 scaling solution Arbitrum shows an “EmergencyLock” function was triggered.
Decrypt has reached out to Hyperliquid.
Popcat has a market capitalization of $136 million, according to crypto data provider CoinGecko. Although the meme coin’s price had risen 5.6% to $0.13 over the past day, the Solana-based token’s price was still down 91% over the past year.
Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.
In brief Hyperliquid temporarily paused Arbitrum-based deposits and withdrawals. A community-owned vault suffered nearly $5 million in losses. Onlookers attributed the loss to a potentially malicious Popcat trader. Hyperliquid traders using Arbitrum-based infrastructure were temporarily unable to make deposits or withdrawals on Wednesday, as the decentralized exchange for perpetual futures appeared to respond to a series of potentially malicious Popcat trades.
Blockchain researcher Conor Grogan was among onlookers on X who said withdrawals were “processing normally” again, less than a couple of hours after Hyperliquid’s users began peppering the project’s Discord server with questions about a potential attack.
“The blockchain is not under maintenance,” an admin for Hyperliquid’s discord server who goes by iliensinc said. “The Arbitrum bridge is temporarily paused. Other deposits and withdrawals should be unaffected.”
Previously, members of Hyperliquid’s Discord server had shared screengrabs of a notice from Hyperliquid’s website, saying “USDC deposits and withdrawals from the Arbitrum bridge are paused for maintenance.”
A community-owned “vault” on Hyperliquid, where users can deposit funds, lost $4.9 million on Wednesday, according to the exchange’s website. The loss was linked to positions being liquidated on the exchange by an individual who goes by MLM on X.
Someone just passed $5M of bad debt on POPCAT to Hyperliquid’s Hyperliquidity Provider (HLP).
The individual affected had withdrawn $3M this morning from OKX, and split it across 19 different accounts, all used to long POPCAT with ~5x leverage.
These 19 accounts were liquidated… pic.twitter.com/esqeKudqlf
— Arkham (@arkham) November 12, 2025
Using $3 million in stablecoins, an individual entered into $20 million worth of long positions across 19 wallets, MLM said. The individual, who was betting on the price of meme coin Popcat to increase, was later liquidated, forcing the community-owned vault to step in, MLM said.
MLM said that Hyperliquid “manually closed the position,” but not before the meme coin’s falling price caused notable losses for the community-owned vault. In recent months, users’ liquidations have caused temporary setbacks for the vault.
The dynamic also led Hyperliquid to delist Solana-based meme coin JELLYJELLY, provoking criticism that the exchange is not as decentralized as people may think.
MLM claimed that the Popcat-linked activity was “clearly a deliberate attempt to mess” with Hyperliquid and the community-owned vault, but the situation hadn’t been acknowledged by the decentralized exchange yet, as of this writing.
Hyperliquid’s status page details no recent incidents, but a transaction on Ethereum layer-2 scaling solution Arbitrum shows an “EmergencyLock” function was triggered.
Decrypt has reached out to Hyperliquid.
Popcat has a market capitalization of $136 million, according to crypto data provider CoinGecko. Although the meme coin’s price had risen 5.6% to $0.13 over the past day, the Solana-based token’s price was still down 91% over the past year.
Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.
Memecoin POPCAT experienced a significant downturn on Wednesday following a major manipulation event on Hyperliquid (HYPE), one of the leading decentralized exchanges in the cryptocurrency market.
POPCAT Faces 43% Drop Following Manipulative Scheme According to a detailed analysis of the situation by DeFi researcher Hanzo on social media site X (previously Twitter), an unknown trader executed a well-coordinated strategy approximately 13 hours prior to the market disruption.
The trader withdrew $3 million in USDC from the OKX exchange and distributed the funds across 19 different wallets on Hyperliquid. Subsequently, they initiated sizable long positions on POPCAT, accumulating total exposure estimated between $20 million and $30 million.
To create an illusion of demand for the memecoin, the trader placed a massive buy wall at the price point of $0.21, with orders totaling $30 million lined up on the order book. This artificial façade of high buying interest successfully attracted real traders, prompting them to jump on the bandwagon and increase their own buying activity.
However, the situation took a swift turn when the trader removed the buy wall without warning, leading to an instantaneous collapse in the price of POPCAT. This shift resulted in the liquidation of all the long positions taken by traders.
The unknown trader lost their $3 million collateral, while Hyperliquid’s HLP system automatically absorbed the open positions. This action triggered an additional loss of approximately $4.9 million to the HLP, exacerbating a broader market selloff across the token.
Hyperliquid Faces Third Major Disruption This Year In the wake of the incident, the Hyperliquid team took emergency measures to stabilize the market and close any remaining exposures. Shortly after, the platform paused its Arbitrum (ARB) bridge, although it continued processing deposits and withdrawals normally.
The community has expressed skepticism regarding the circumstances surrounding this incident, with many suggesting it may not have been a random liquidation.
Instead, some believe the event could resemble a deliberate stress test or an attack aimed at destabilizing Hyperliquid’s liquidity system. Some contend that the rapid loss of millions in such a short time frame seems too calculated to be merely coincidental.
This incident marks the third major market disruption on Hyperliquid in 2025, raising serious questions about the exchange’s approach to handling liquidity concentration and its systemic risk management practices, as noted by Hanzo in his analysis.
Following the manipulation, the POPCAT memecoin saw a steep decline of approximately 43%, dropping from $0.21 to $0.12, with total liquidations reaching around $63 million.
The decentralized exchange’s native token, HYPE, also declined significantly following the event. According to CoinGecko data, it is currently trading at $38.25, which is a 7% decrease on the weekly timeframe.
The daily chart shows HYPE’s price drop. Source: HYPEUSDT on TradingView.com Featured image from DALL-E, chart from TradingView.com
Key Takeaways How bad is the price manipulation problem in 2025? CertiK tracked 51 price manipulation incidents, resulting in $42 million in combined losses through 2025.
What happened with Popcat on Hyperliquid? An alleged whale orchestrated a 43% price crash on 12 November by pumping Popcat to $0.21 with fake buy walls across 19 wallets, then yanking orders to trigger $63 million in liquidations.
Price manipulation attacks have emerged as the fastest-growing threat vector in crypto in 2025. The Popcat meme coin crash serves as a recent, brutal example of coordinated market manipulation.
CertiK Alert released damning data this week showing 51 price manipulation incidents have drained $42 million from traders so far this year.
Source: CertiK The firm tracked 19 incidents in Q4 alone—nearly matching Q2’s peak of 20 incidents and confirming the upward trend that began in Q3 2024.
The Popcat scheme The Solana meme coin became ground zero on 12 November when an anonymous trader executed a pump-and-dump on Hyperliquid’s decentralized perpetuals exchange.
The setup: pull $3 million from OKX, split across 19 wallets, open $26-30 million in long positions at 5x leverage, then prop up a fake $20 million buy wall at $0.21.
The artificial support lured retail traders into taking long positions. Then the whale yanked the orders.
Popcat crashed 43% to $0.12 within hours, liquidating $63 million in positions, including one $21 million loss. Hyperliquid’s vault absorbed $4.9 million in bad debt while the attacker’s collateral vaporized.
Wider pattern of crypto price manipulation CertiK’s top five 2025 manipulation victims:
Resupply: $9.6M [June] OdinFun: $7M [August] Loopscale: $5.8M [April] Future Protocol: $4.6M [July] Typus Finance: $3.4M [October] These attacks exploit oracle vulnerabilities, thin liquidity, and leverage mechanics. Unlike phishing or code exploits, which drove $2.5 billion in losses during H1, manipulation requires only capital and coordination.
The DeFi dilemma Traders called Popcat “peak degen warfare,” exposing how meme coins and DEXs create perfect manipulation conditions.
Most lack circuit breakers or position limits that traditional exchanges use to prevent cascading liquidations.
The attacker lost their $3 million but triggered ten times that damage. Hyperliquid paused operations during the chaos, raising questions about decentralization when emergency controls activate.
The platform implemented tighter risk controls, but the tension remains. Can decentralized exchanges balance permissionless trading with protection against coordinated attacks?
